HERSHEY CO Earnings Per Share Disclosure
| For the years ended December 31, | 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||
| Common Stock | Class B Common Stock | Common Stock | Class B Common Stock | Common Stock | Class B Common Stock | |||||||||||||||||||||||||||||||||
| Basic earnings per share: | ||||||||||||||||||||||||||||||||||||||
| Numerator: | ||||||||||||||||||||||||||||||||||||||
| Allocation of distributed earnings (cash dividends paid) | $ | 813,321 | $ | 271,975 | $ | 812,826 | $ | 271,975 | $ | 663,176 | $ | 225,895 | ||||||||||||||||||||||||||
Allocation of undistributed earnings | (151,372) | (50,665) | 851,549 | 284,889 | 728,175 | 244,541 | ||||||||||||||||||||||||||||||||
| Total earnings—basic | $ | 661,949 | $ | 221,310 | $ | 1,664,375 | $ | 556,864 | $ | 1,391,351 | $ | 470,436 | ||||||||||||||||||||||||||
| Denominator (shares in thousands): | ||||||||||||||||||||||||||||||||||||||
| Total weighted-average shares—basic | 148,281 | 54,614 | 148,349 | 54,614 | 149,499 | 55,239 | ||||||||||||||||||||||||||||||||
| Earnings Per Share—basic | $ | 4.46 | $ | 4.05 | $ | 11.22 | $ | 10.20 | $ | 9.31 | $ | 8.52 | ||||||||||||||||||||||||||
| Diluted earnings per share: | ||||||||||||||||||||||||||||||||||||||
| Numerator: | ||||||||||||||||||||||||||||||||||||||
| Allocation of total earnings used in basic computation | $ | 661,949 | $ | 221,310 | $ | 1,664,375 | $ | 556,864 | $ | 1,391,351 | $ | 470,436 | ||||||||||||||||||||||||||
| Reallocation of total earnings as a result of conversion of Class B common stock to Common stock | 221,310 | — | 556,864 | — | 470,436 | — | ||||||||||||||||||||||||||||||||
| Reallocation of undistributed earnings | 124 | — | — | (753) | — | (987) | ||||||||||||||||||||||||||||||||
| Total earnings—diluted | $ | 883,383 | $ | 221,310 | $ | 2,221,239 | $ | 556,111 | $ | 1,861,787 | $ | 469,449 | ||||||||||||||||||||||||||
| Denominator (shares in thousands): | ||||||||||||||||||||||||||||||||||||||
| Number of shares used in basic computation | 148,281 | 54,614 | 148,349 | 54,614 | 149,499 | 55,239 | ||||||||||||||||||||||||||||||||
| Weighted-average effect of dilutive securities: | ||||||||||||||||||||||||||||||||||||||
| Conversion of Class B common stock to Common shares outstanding | 54,614 | — | 54,614 | — | 55,239 | — | ||||||||||||||||||||||||||||||||
| Employee stock options | 181 | — | 285 | — | 424 | — | ||||||||||||||||||||||||||||||||
| Performance and restricted stock units | 303 | — | 239 | — | 385 | — | ||||||||||||||||||||||||||||||||
| Total weighted-average shares—diluted | 203,379 | 54,614 | 203,487 | 54,614 | 205,547 | 55,239 | ||||||||||||||||||||||||||||||||
| Earnings Per Share—diluted | $ | 4.34 | $ | 4.05 | $ | 10.92 | $ | 10.18 | $ | 9.06 | $ | 8.50 | ||||||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 17, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 21, 2017 | |
| 2015 | Feb 26, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.